Tether and TON Partner with Oobit for USDT-to-Fiat Transactions via Mobile App
Tether Operations Limited, the largest entity in the digital asset ecosystem, announced a strategic partnership with Oobit, a mobile payment app, and the TON Foundation on May 16.
The partnership comes after Tether launched USDT and XAUt on The Open Network (TON) in April.
Tether Collaborates with @ton_blockchain and @oobit To Create Seamless Crypto-Payment Solution
Read more: https://t.co/Qaf6gTPhK9 pic.twitter.com/A9A3P6L5He
— Tether (@Tether_to) May 16, 2024
According to Thursday’s announcement, the partnership will enhance the user experience for transactions with its digital assets, USDT and Tether Gold (XAUt), on The Open Network (TON). By incorporating the Oobit mobile payment app, Tether will provide merchants with a more seamless and convenient way to handle cryptocurrency payments.
Oobit’s Tap & Pay feature allows merchants to receive fiat currency even if the payment is in USDT. The integration is set to expand the practical use of cryptocurrencies, making them a widely accepted payment option.
Earlier in February, Tether participated in Oobit’s Series A funding round, which raised $25 million. Oobit CEO Amram Adar highlighted the inclusive nature of the partnership.
“We’re not just providing another payment option; we’re providing unbanked access to the most prominent cryptocurrencies and worldwide payments using Oobit,” Adar said.
The TON blockchain, integrated with Telegram, facilitates a simple, borderless experience for peer-to-peer payments. This, in turn, leads to a higher percentage of the population having access to decentralized services and an improved user experience.
Since the integration, over $200 million worth of USDT has been issued on TON‘s blockchain, enabling users to send USDT via
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